PLS Group Limited (ASX:PLS) – the lithium producer formerly known as Pilbara Minerals – is closing out 2025 as one of the most talked‑about stocks on the ASX. A deep lithium downturn, a sharp share price recovery, a corporate rebrand and heavy short interest have turned PLS into a battleground stock for bulls and bears alike. [1]
Key takeaways as at 10 December 2025
- Share price: Around A$4.20–4.22 intraday, up about 3% on the day and just under the A$4.26 52‑week high. [2]
- Performance: Roughly 80–90% gain over the past year and more than 70% year‑to‑date, rebounding from a 52‑week low of A$1.07. [3]
- Fundamentals: FY25 revenue fell about 39–50% year‑on‑year to roughly A$0.8–0.9 billion, with a net loss of ~A$196 million as lithium prices slumped. [4]
- Operations: Record FY25 spodumene production of about 755 kt, with unit operating costs around A$627/t, keeping PLS firmly in the lower half of the cost curve. [5]
- Sentiment: Among the most shorted stocks on the ASX, with short interest around 10–11% of the register in early December. [6]
- Rebrand: Name formally changed from Pilbara Minerals Limited to PLS Group Limited in late November, effective on the ASX from 3 December 2025, to reflect a broader battery‑materials strategy. [7]
- Analyst outlook: Consensus rating sits around “Neutral”, with an average 12‑month price target in the low A$3s, implying downside from current levels after the recent rally. [8]
PLS Group share price today: sitting near 52‑week highs
As of trading on 10 December 2025, PLS Group is changing hands at roughly A$4.20–4.22 per share, after opening around A$4.13 and trading in a A$4.09–4.24 intraday range. [9]
That places the stock:
- Just under its 52‑week high of A$4.26, set in November. [10]
- Well above its 52‑week low of A$1.07, hit in June during the depths of the lithium price slump. [11]
Different data providers put the one‑year gain between roughly 85–95%, and YTD returns in the 70–85% range, depending on the exact measurement window, but the direction is clear: PLS has staged a powerful comeback from mid‑year lows. [12]
Trading volumes remain hefty – often in the 15–25 million shares per day range – underlining its status as a highly liquid, institutionally owned lithium bellwether. [13]
From Pilbara Minerals to PLS Group: what changed?
PLS Group is still, fundamentally, the same business: a large Australian lithium producer owning the Pilgangoora hard‑rock lithium operation in Western Australia and the Colina lithium project in Brazil, alongside downstream partnerships such as the lithium hydroxide JV with POSCO in South Korea. [14]
The name and brand, however, are new:
- In February 2025, the company rolled out a refreshed “PLS” brand.
- At the 2025 AGM, the board proposed changing the legal name from Pilbara Minerals Limited to PLS Group Limited to align with that brand and signal a broader battery‑materials and midstream focus. [15]
- Shareholders approved the move, and ASX implementation took effect from 3 December 2025. [16]
Company communications and coverage from brokers and data providers now increasingly use the new name, though many investors still refer to it informally as “Pilbara Minerals” or simply “Pilbara”. [17]
Strategically, the rebrand is pitched as more than cosmetic. The company emphasises:
- Its ambition to be a global lithium materials group, not just a single‑asset miner.
- Increased focus on midstream value‑add (e.g. lithium hydroxide via POSCO, potential technology pathways with partners such as Calix). [18]
2025 news flow: upgrades, board changes and lithium sector tailwinds
UBS upgrade and lithium rally
Lithium stocks have roared back to life into year‑end, helped by signs that prices may have overshot to the downside and by increasingly bullish commentary from major brokers.
A recent UBS note flagging a potential lithium shortage by late 2026 helped ignite a sector‑wide rally on the ASX. On 8 December 2025, a rise in lithium carbonate futures on China’s GFEX saw PLS Group jump roughly 6% in a single session, alongside double‑digit gains in Liontown and other peers. [19]
MarketScreener and related wire services also report that UBS upgraded PLS from “Sell” to “Neutral” in early December, lifting its price target to around A$4.00, closer to – but still slightly below – current levels. [20]
Macquarie target tweak and broker stance
Macquarie has retained a “Neutral” stance on PLS Group while raising its price target from A$3.00 to A$3.80, acknowledging the company’s operational strength and leverage to a lithium recovery but signalling valuation concerns after the share price surge. [21]
Across the broader analyst community (including RBC, Morgan Stanley, Jefferies, Ord Minnett and others), recent data aggregated by platforms such as TipRanks suggests: [22]
- A consensus rating around “Neutral”, with a mix of Sell, Hold and Buy recommendations.
- Average 12‑month price targets mostly between A$2.30 and A$3.15, with some higher outliers – meaning that the current share price above A$4 is trading ahead of many earlier models.
Investing.com’s summary of broker estimates now implies an average target near A$3.17, roughly 20–25% below the current price, though it is likely that some of those targets will be revised if lithium prices and PLS’ share price remain elevated. [23]
Board and management moves
On the governance front, PLS has also been active:
- New CFO: An ASX announcement on 1 December 2025 confirmed the appointment of Alex Willcocks as Chief Financial Officer, starting May 2026, replacing outgoing finance leadership as the group moves deeper into its “PLS Group” strategy. [24]
- Board refresh: A separate board update in early December announced the appointment of Robert Nicholson as a Non‑Executive Director, effective 1 January 2026, alongside broader board‑refresh messaging. [25]
Combined with the rebrand and AGM outcomes in November, these moves signal a deliberate effort to present PLS as a mature, globally relevant lithium materials group rather than an up‑and‑coming miner. [26]
Financial snapshot: record tonnes, falling prices and a swing to loss
FY25 full‑year results
PLS’ FY25 full‑year results, released on 25 August 2025, captured the core tension in the investment case: operational strength versus commodity‑price pain. [27]
Across various investor presentations and media coverage, the key numbers are broadly consistent:
- Production:
- Record ~755–755.6 thousand tonnes of spodumene concentrate, up about 4% year‑on‑year and above the top end of guidance. [28]
- Costs:
- Unit operating costs around A$627/t, within a guided band of A$620–640/t despite an inflationary environment and major expansion work. [29]
- Revenue and earnings:
- Revenue of roughly A$769–890 million, down around 39–50% versus the prior year as average realised lithium prices slumped about 40–45%. [30]
- Underlying EBITDA around A$97 million, down more than 80% year‑on‑year. [31]
- A net loss of about A$196 million, compared with a sizeable profit in earlier boom years. [32]
CEO Dale Henderson has framed FY25 as a “transformational year” in which PLS completed major expansion capex, kept Pilgangoora operating efficiently and continued advancing its Brazilian and downstream strategies, despite the price shock. [33]
Importantly, the balance sheet remains strong:
- Cash of roughly A$1 billion at 30 June 2025.
- Total liquidity (including undrawn facilities) around A$1.6 billion, giving PLS significant flexibility to ride out volatility and selectively invest. [34]
Latest half‑year and run‑rate
More recent financial snapshots from TradingView, Yahoo Finance and other data providers indicate that, on a trailing‑twelve‑month basis, PLS’ revenue now sits around A$0.8 billion, while TTM net income is negative ~A$190–200 million, reflecting the impact of weak prices through late 2024 and early 2025. [35]
The company remains highly operationally geared: modest moves in lithium prices can swing earnings dramatically, as the FY25 bridge from record tonnage to net loss demonstrates. [36]
Short interest: one of the ASX’s favourite targets
PLS has spent much of 2025 on lists of the most shorted stocks on the ASX. Recent ASIC‑based tallies cited by The Motley Fool place short interest at around 10.7% of issued capital as of 8 December 2025, often ranking PLS in the top three to five most shorted names on the market. [37]
Earlier in the year, some brokers and trading platforms reported short positions as high as 13–14%, highlighting just how divisive the stock has become. [38]
Bears tend to focus on:
- The risk that lithium prices could remain lower for longer, compressing margins and returns on expansion capex. [39]
- The stock’s premium valuation versus lower‑cost or more diversified peers after the recent rally. [40]
Bulls counter that:
- PLS is one of the lowest‑cost, longest‑life hard‑rock lithium producers globally, with tier‑one assets in a stable jurisdiction. [41]
- The company’s strong cash position and optionality in Brazil and downstream projects leave it well placed for a potential lithium up‑cycle from 2026 onwards. [42]
The result is a stock with elevated volatility, where positive sector or company news can trigger powerful short squeezes – as seen when shares “stormed higher” on 25 August after the FY25 results and again in early December on the back of the UBS lithium call. [43]
Technical picture: momentum strong, but overextended?
Technical‑analysis services paint a picture of strong but stretched upward momentum:
- Over the past month, PLS has traded in a range roughly between A$3.09 and A$4.26, repeatedly testing new short‑term highs. [44]
- The 14‑day RSI sits in the high‑50s to low‑60s, a zone often interpreted as positive but edging toward overbought. [45]
- StockInvest and similar platforms highlight buy signals from short‑ and long‑term moving averages, but also note a recent pivot‑top “sell” signal and a bearish MACD crossover, suggesting risk of near‑term pullbacks within a still‑constructive uptrend. [46]
In simple terms: the chart says “trend up, but fast move, handle with care”.
How the market is valuing PLS today
At current levels around A$4.20, PLS trades on metrics that look unusual by traditional value screens: [47]
- Market capitalisation: Roughly A$13–14 billion.
- TTM P/E:Negative, due to the FY25 loss.
- Price‑to‑book: Around 3.6–3.7x.
- Price‑to‑sales (TTM): In the mid‑teens on some datasets, reflecting depressed revenue versus the boom years.
Platforms that blend fundamentals and technicals (e.g. Investing.com’s “fair value” tools) currently frame PLS as trading above estimated intrinsic value, but with “Strong Buy” technical scores in the near term as momentum remains intact. [48]
PLS is also widely held within lithium and critical‑materials ETFs, including:
- The Global X Lithium & Battery Tech ETF (LIT), where PLS has a ~4.3% weight. [49]
- The Sprott Critical Materials ETF (SETM), where PLS is among the top positions at about 8.5% of assets. [50]
That passive ownership can reinforce both upside and downside moves as ETF flows respond to broader lithium sentiment.
2026 stock forecast themes: what analysts and investors are watching
Rather than a single point forecast, the outlook for PLS Group into 2026 is framed around a handful of big themes.
1. Lithium price trajectory
Most of the heavy lifting in any PLS valuation comes from assumptions about future spodumene and lithium chemical prices.
Recent commentary from industry analysts and executives (including PLS CEO Dale Henderson) suggests: [51]
- The 2024–25 price collapse forced higher‑cost suppliers to shut or delay projects.
- Current and forward prices may not be sufficient to incentivise enough new supply to meet medium‑term EV and energy‑storage demand.
- A tighter market – and higher prices – could emerge from 2026 onwards if demand continues to compound and new supply is constrained.
If that scenario plays out, PLS’ leverage to higher prices and its completed expansion capex could translate into a sharp recovery in margins and cash flow.
On the downside, a prolonged glut, further EV‑demand disappointments or new low‑cost supply could keep prices depressed and cap PLS’ earnings power.
2. Execution at Pilgangoora, Colina and downstream ventures
With Pilgangoora now one of the world’s largest hard‑rock lithium operations, investors will keep tracking: [52]
- Production volumes versus guidance.
- Unit cost performance as expansion work winds down.
- The pace and capital intensity of any new debottlenecking or technology projects.
At the same time, progress at Colina in Brazil and the ramp‑up of the POSCO Pilbara Lithium Solutions hydroxide plant in South Korea will influence how much value PLS can capture beyond simple concentrate sales. [53]
3. Capital allocation and balance sheet discipline
With close to A$1 billion in cash and substantial liquidity, PLS faces classic capital‑allocation questions: how much to invest in growth, how much to return to shareholders and how much to keep as a buffer in a volatile commodity. [54]
So far, management has leaned toward retaining balance‑sheet strength while continuing selective expansion. Dividend policy remains conservative, with various data providers noting the absence of a consistent, high‑yield payout. [55]
4. Short‑interest dynamics
High short interest cuts both ways:
- It amplifies downside risk if fundamentals disappoint or lithium sentiment sours again.
- It also fuels sharp short squeezes when news or price action surprises to the upside, as seen several times in 2025. [56]
Traders and long‑term investors alike will be watching ASIC short‑position reports and broker commentary closely into 2026.
Conclusion: a high‑beta play on the next lithium cycle
As at 10 December 2025, PLS Group Limited stands at an interesting crossroads:
- The share price is back near all‑time highs, even though earnings are still depressed and the company has only just digested a bruising year of lower prices. [57]
- The rebrand to PLS Group, board refresh and CFO appointment suggest a company trying to position itself as a diversified lithium materials champion for the energy transition. [58]
- The analyst community remains cautious, with many targets still below the current price and a consensus tilt toward “Neutral”, even as technical indicators and ETF flows point to robust near‑term momentum. [59]
- Short interest is high, ensuring that sentiment swings in the lithium market will continue to translate into outsized moves in PLS’ share price. [60]
For investors following the stock, PLS Group is best thought of as a high‑beta way to express a view on the next lithium cycle: if the market tightens into 2026 as some expect, the company’s scale, cost position and completed capex put it in a strong position; if prices stay lower for longer, today’s valuation could prove demanding.
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